Investment Rating - The report does not provide a specific investment rating for the REITs industry [2] Core Insights - The REITs index experienced a decline of 0.36% this week, while the Shanghai Composite Index fell by 0.57% and the CSI 300 Index decreased by 0.57% [5][20] - The report highlights the correlation of REITs with various indices, showing a correlation of 0.23 with 10-year government bonds, 0.07 with 1-year government bonds, and 0.65 with convertible bonds [20] - The report emphasizes the strong allocation attributes of REITs in a stable economic environment, suggesting investors pay attention to sector rotation and expansion opportunities [9] Industry Overview - The REITs industry consists of 78 listed companies with a total market capitalization of 2,199.24 billion yuan and a circulating market capitalization of 1,230.12 billion yuan [2] - The report notes significant events, including the listing of additional shares for 华夏华润有巢 REIT on January 12 and 中航京能光伏 REIT on January 15 [12] Market Performance - The trading volume for the week was 2.44 billion yuan, representing a decrease of 25.3%, with an average turnover rate of 0.4% [35] - The report details the performance of various REIT sectors, with significant declines in trading volumes for highways (-36.6%) and consumption (-37.5%), while ecological environmental REITs saw an increase of 13.4% [35] Valuation Situation - The estimated yield for bonds ranged from -0.31% to 10.93%, with 平安广州广河 having the highest yield at 10.93% and 创金合信首农 the lowest at -0.31% [37] - The P/NAV ratio for the REITs is reported to be between 0.73 and 1.79, with 嘉实物美消费 having the highest P/NAV at 1.79 and 华夏中国交建 the lowest at 0.73 [37]
公募REITs行业周报：两单REITs扩募份额本周上市-20260117
ZHONGTAI SECURITIES·2026-01-17 11:28